33 percent higher than the closing share price of $4.20 on 6 November 2006, the day before the first speculation about the offer; and

61 percent above Qantas' volume weighted average share price of $3.48 over the six months to that date.

Ms Jackson said that, subject to receiving an opinion by independent expert Grant Samuel that the offer is fair and reasonable, the Non-Executive Directors unanimously intend to recommend that shareholders accept the offer in the absence of a superior proposal, and all Directors intend to accept in respect of their own shareholdings.

"The Directors believe this offer allows Qantas shareholders to realise significant value for their shares that has not been fully recognised in the public market," Ms Jackson said.

The proposal will be implemented by way of an off-market takeover bid, which will be subject to certain conditions including a 90 percent minimum acceptance condition.

Ms Jackson said the revised proposal followed negotiations with APA since the Board

Want more analysis like this? CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.Find out more and take a free trial.

You may also be interested in the following articles...

After complaints about airlines amassing power through joint ventures to the detriment of consumers, the US DOT appears to be exerting greater and more conservative scrutiny on partnerships. DOT has rejected a proposed JV between American Airlines and Qantas. After DOT declined their request for a much longer response time American and Qantas withdrew their application, submitted in Jun-2015.

At a top level the JV does seem to raise concern: combined, Qantas and American would hold 59% of the US-Australia market. Yet almost all of that – 53% – is from Qantas; American adds only 6ppt.

DOT rejects the notion that such larger market share can possibly be in the interest of consumers. Yet it appears to overlook the benefit American might bring in exchange for incremental market share gains. Nor is it clear if this combination is more anti-competitive than some JVs where two airlines, each with a small- or medium-sized position, combine and become multiples larger. Qantas' 53% market share was earned through quality and smart loyalty programme development while competitors lagged.

Qantas will continue growth in North America, its most successful international market, but American Airlines' growth is uncertain and it may re-evaluate a supposedly planned Los Angeles-Melbourne 787 service.

On 4-Oct-2016, Qantas announced it had concluded a partnership with Airbnb, the world leader in the sharing economy's accommodation revolution. According to Qantas this represents "the first time Airbnb has worked with an airline in this way to reward Frequent Flyer members when booking accommodation through Qantas’ website – and is the next step in Qantas’ partnerships with innovative digital and technology businesses".

The partnership, along with deals with the major global TMCs and growing adoption among corporate travellers, has moved Airbnb from the realm of couch-surfing to an accepted corporate travel option, forcing travel managers to adapt or risk alienating their staff.